Iron phosphate margins set to marginally improve in 2026. The booming energy storage market has been driving robust iron phosphate demand which we estimate could rise by 1.7mt in 2025 and another 1.2mt in 2026 (Ex 20). We expect the additional demand could be fulfilled by increased output, although producers had curtailed run rate amid severe oversupply. With supply surplus likely to sustain, we believe the recovery of iron phosphate prices may be limited. Nonetheless, we expect producers to increase run ra ...